5 Myths about Big Data Analytics – Busted!

Big data’s positive impact on the business arena is undeniable, giving companies an instant edge when it comes to branding, promotions, and the like. It has become a rather sexy term nowadays for company owners. However, in spite of its current popularity, not everyone completely grasps what big data and data analytics can and cannot do. This means big data has yet to be utilized in its full potential for a lot of firms worldwide.

All told, myths surrounding the subject have surfaced online or as talk points during casual business conversations. Clearing up these fallacies can help enterprises understand big data more and properly integrate the technology in their operations and promotional efforts.

Myth 1: Big data is built for the big players

While it’s true that big data is a useful tool to help large conglomerates gain larger market shares, data analytics actually levels the playing field for startups and SMEs, or at least makes industries more profitable for smaller players.

Gone are days when the use of big data and data analytics solely necessitated expensive equipment and technology. The current upswing of technological development has paved the way for affordable solutions like cloud computing, cloud storage, data management solutions. Of course, a big data platform isn’t exactly the cheapest item on the market, but the entire data analytics package is more affordable nowadays, and its benefits far outweigh the costs.

Furthermore, big data analytics, in its most rudimentary form – found on blogs and FB business pages – have helped small companies gain some ground in their chosen industry. They can monitor how many people interact with their social media posts, allowing them to discern the types of status updates that garner the most attention from their captive audience and the genders and ages of those netizens.

Advanced big data platforms can expound on the information even further. They can spot trends and make educated inferences based on patterns, helping companies weave realistic marketing and operational plans. These solutions aren’t always too expensive, provided that a company transacts with the right groups or platform providers.

Myth 2: Big data is reserved for those in the IT industry

For the uninitiated, the term “big data,” alone, can be dismissed as an IT concern, the way delinquent students skirt away from anything that is associated with calculus. The reality is big data is useful for groups beyond the IT industry. Think of a big data platform as a company’s proverbial eyes and ears when it comes to monitoring the interests and behaviors of the buying public as well as a firm’s loyal customers.

Truth be told, a lot of organizations outside the IT bracket have used data analytics to improve their operations. A fitting example would be President Obama’s winning campaign for reelection. Obama is no IT expert, but his team used big data analytics and ground personnel to know the whims and interests of “undecided US states,” which allowed him to pitch an appropriate platform that addresses those people’s concerns.

Myth 3: Big data can completely replace the human mind

An inexperienced user of big data platforms can encounter scenarios where the data gathered may not depict the truth, which can be concealed by bias and inconsistency. For instance, when Hurricane Sandy ravaged parts of the US, Manhattan appeared to be the worst hit area, since a lot of people posted about it on social media. The underlying truth is other regions were as badly hit or received even more devastation, but couldn’t post about it due to lack of access to the internet.

In the aforementioned scenario, one can’t sit back, relax, and merely rely on the generated figures, as the results won’t be entirely accurate. Sometimes analytics are best paired with research and a larger sample sizes. Some data solutions companies offer consultations to help businesses make the data work for them as well as shed light on scenarios muddled with biases.

Myth 4: Big data always leads to big changes

When preparing and executing plans, a company is expected to shell out significant investments to cater to the big changes in operations, new staff, and the equipment to be used. Using big data might pave the way for even more changes to current plans, which entail more costs. This can be the case, but it doesn’t follow that every figure and inference generated by a data platform will lead to such.

Fact is, companies can lean on data analytics to check if their operational, marketing, customer care, and sales efforts are congruent with the interests of their captive market. Business owners can work on refocusing their efforts or adding more comprehensive solutions, instead of abandoning current plans, when dealing with big data.

In the case of the agricultural industry, farmers who have learned of the benefits of big data used the information gathered to bolster their current plans instead of merely altering them. They utilize data-powered applications to check the weather, soil conditions, and the prices of crops and fertilizers in increasing their periodic yield.

Myth 5: Big data is an online security threat

The reach of advanced big data platforms is vast and successive data sweeps might make the user’s activity noticeable to hackers. While this is indeed a possibility, it doesn’t mean that the use of big data can compromise your computer’s security. Analytics is way too diverse to not have solutions for online threats and can actually beef up your network’s defenses.

For instance, a data platform can be hooked up to the network to consolidate and analyze internet logs, which can enhance intrusion detection and prevention systems. The insights generated allow users to closely monitor if the system is being illicitly accessed or if malware has been implanted. Moreover, the platform can be connected to physical security equipment, like security cameras and motion-sensor lights, to prevent potential physical intrusions in the future.

In clearing up the myths surrounding big data, companies will realize that a data platform can improve their offerings and operations in a myriad of ways. When unsure about the quality of data and how it can be useful for your firm, you can always consult data solutions companies like lloopp and get a clear picture on how insights can turn into profits.

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